Hi, i'm developing a custom indicator for various platforms, the idea is to rent it to traders.
I see there is a huge number of different platforms, while i've used to try many of them in my past, i have no idea which one is popular enough to be worth investing time and money to develop a custom indicator for it, and which one is not worth the effort.
The ideal platform:
- would have more than 100k active users around the world (even with different brokers, but same platform).
- users would have a decent account size, like >50-100kusd, and would be able to afford a 500usd/month fee without problems.
- would have the ability of develop custom indicators, and these indicators can be rented to traders behind a monthly/annual license fee.
If you have any idea or opinion, share it please! tnx
Contrary to what everyone believes the smart option is to have a service for income and use trading for capital appreciation, more efficient.
As you will have probably understood, you have a couple of options. A 1-2yr and 3-5yr trading cycle, however above $50/mth most wonder why don't you just keep it to yourself so you are left with the other option.
Don't recommend this approach but you need to know what everyone else does. Lie that your product is 1000x better than it is, and if on average it generates 2x more than most people can do themselves then you will have sales. Those few who generate 2x more will be your reference and the other 99% will probably lose money but you'll have the few who did to back you up. It's called statistical averages, it's garbage but that's how they do it.
There is a third option, the product produces 100x more than most can do themselves and sell it for less, but for that you need other tiers of services which loss lead it, that's what we do. In any of the cases the indicator needs to be integrated in to a methodology, it's just depends how much of the workload it offsets.
Volume based are NinjaTrader, IB, MT4, then going towards specialist Tradestation, CQG, TT. Your best bet is to put the indicators on to platform makers marketplaces, and also remember than most traders have the memory span of a gnat, trust no one, and are too busy chasing the pot of gold at the end of rainbow, so the chance of them reselling it is limited especially if you have an NDA or license agreement.